The cryptocurrency market is experiencing mixed movements, with some altcoins facing different fates compared to major players like Bitcoin, Ethereum, XRP, and Cardano. Monero, in particular, is taking a hit after Binance announced its plan to delist XMR trading pairs. This move is likely due to regulatory concerns and has caused Monero’s price to tumble.
Binance To Delist XRP: Can XMR Weather The Storm?
Binance has announced its intention to delist Monero along with other tokens that no longer meet listing standards. This decision comes as regulators and law enforcement authorities find it difficult to track transactions made on privacy-oriented cryptocurrencies like Monero. The rush by investors to sell XMR has triggered a massive sell-off, causing the token’s value to drop by 27% in just 24 hours.
With the Relative Strength Index (RSI) now in the oversold region, there is potential for a rebound in Monero’s price. However, investors should watch out for strong support levels before considering a new leg up.
Binance To List DYM: Is Dymension Poised To Rally?
While Monero faces delisting from Binance, the exchange is set to list another token called Dymension. This new token will be available for trading on Binance starting February 6. Dymension has already seen a significant increase in value on CoinMarketCap, but it lags behind on decentralized exchanges like PancakeSwap.
The upcoming launch of Dymension’s mainnet after its listing on Binance could lead to a potential rally. Recent listings on Binance have had a significant impact on other tokens, so investors may speculate on a breakout. However, caution is advised due to the volatility of the cryptocurrency market.
Hot Take: Monero Faces Delisting While Dymension Gains Listing on Binance
Monero (XMR) is experiencing a decline in price after Binance announced its plan to delist XMR trading pairs. This move is likely due to regulatory concerns surrounding privacy-oriented cryptocurrencies. On the other hand, Dymension (DYM) is set to be listed on Binance, which could potentially lead to a rally in its price. Investors should carefully monitor these developments and consider the potential for a rebound in Monero’s price and the impact of Dymension’s listing on Binance.
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